Title
Transmisija monetarne politike na realna ekonomska kretanja
Creator
Obradović, Jelena, 1986-
Copyright date
2020
Object Links
Select license
Autorstvo-Nekomercijalno-Bez prerade 3.0 Srbija (CC BY-NC-ND 3.0)
License description
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Language
Serbian
Cobiss-ID
Theses Type
Doktorska disertacija
description
Datum odbrane: 16.10.2020.
Other responsibilities
mentor
Đorđević, Marina 1974-
član komisije
Đurović-Todorović, Jadranka
član komisije
Furtula, Srđan
Academic Expertise
Društveno-humanističke nauke
University
Univerzitet u Nišu
Faculty
Ekonomski fakultet
Group
Katedra za nacionalnu ekonomiju i finansije
Alternative title
Monetary policy transmission on real economic trends
Publisher
[Ј. М. Оbradović]
Format
[34], 404 str.
description
Biografija autora: str. 401;
Bibliografija: str. 380-400.
description
Monetary Economics
Abstract (en)
Central banks of the countries, by performing their basic functions, contribute to the well-being of the entire economy. One of their major functions is to conduct a monetary policy that influences both the economy and the population. This process takes place through monetary transmission channels. The effectiveness of monetary transmission channels varies between countries and it is conditioned by a number of factors that characterize the country's economic and financial system. In accordance with these factors, the monetary authorities make the choice of an adequate monetary strategy. Each monetary strategy has a number of advantages and disadvantages. In today's context, a large number of countries have chosen an inflation targeting strategy because of a number of positive macroeconomic effects, as is the case in the countries which are analyzed in this paper.
In order to achieve monetary policy goals that are set, the central bank takes certain measures and uses monetary policy instruments. Using monetary policy instruments, the central bank has effects on macroeconomic flows. However, these instruments influence indirectly and with some time delay on predefined goals. One of the most common goals is price stability. Because of these limitations in the operation of monetary policy it is essential to identify the monetary transmission channels in each country, so creators could determine the optimal monetary regime and could predict the impact of monetary policy on the real economy.
In this paper, using the vector autoregression model (VAR model), we performed an analysis of the efficiency of monetary transmission channels in selected developed and developing countries (United Kingdom, Canada, United States of America (USA), Mexico, Chile, Brazil and Serbia). This empirical analysis enabled to determine the dominant monetary transmission channels in observed countries. The results of the analysis provide guidance in taking the necessary steps to the monetary authorities, so it can reduce the time lag and eliminate restrictions on the transmission of monetary impulses to real economic quantities. However, it should be borne in mind that the efficiency of monetary transmission channels not only varies between countries, but also changes over time within a country, depending on changes in the economic system.
Authors Key words
transmisioni mehanizam monetarne politike, kanal monetarne transmisije, režim monetarne politike, indeks potrošačkih cena, bruto domaći proizvod, industrijska proizvodnja, kamatna stopa, devizni kurs, monetarni agregat
Authors Key words
Monetary policy transmission mechanism, monetary transmission channel, monetary policy regime, consumer price index, gross domestic product, industrial production, interest rate, exchange rate, monetary aggregate
Classification
338.23:336.74(043.3)
330.43(043.3)
Subject
S 180, S181
Type
Tekst
Abstract (en)
Central banks of the countries, by performing their basic functions, contribute to the well-being of the entire economy. One of their major functions is to conduct a monetary policy that influences both the economy and the population. This process takes place through monetary transmission channels. The effectiveness of monetary transmission channels varies between countries and it is conditioned by a number of factors that characterize the country's economic and financial system. In accordance with these factors, the monetary authorities make the choice of an adequate monetary strategy. Each monetary strategy has a number of advantages and disadvantages. In today's context, a large number of countries have chosen an inflation targeting strategy because of a number of positive macroeconomic effects, as is the case in the countries which are analyzed in this paper.
In order to achieve monetary policy goals that are set, the central bank takes certain measures and uses monetary policy instruments. Using monetary policy instruments, the central bank has effects on macroeconomic flows. However, these instruments influence indirectly and with some time delay on predefined goals. One of the most common goals is price stability. Because of these limitations in the operation of monetary policy it is essential to identify the monetary transmission channels in each country, so creators could determine the optimal monetary regime and could predict the impact of monetary policy on the real economy.
In this paper, using the vector autoregression model (VAR model), we performed an analysis of the efficiency of monetary transmission channels in selected developed and developing countries (United Kingdom, Canada, United States of America (USA), Mexico, Chile, Brazil and Serbia). This empirical analysis enabled to determine the dominant monetary transmission channels in observed countries. The results of the analysis provide guidance in taking the necessary steps to the monetary authorities, so it can reduce the time lag and eliminate restrictions on the transmission of monetary impulses to real economic quantities. However, it should be borne in mind that the efficiency of monetary transmission channels not only varies between countries, but also changes over time within a country, depending on changes in the economic system.
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